by Alyssa Oursler | August 10, 2012 9:06 am
Arena Pharmaceuticals (NASDAQ:ARNA) saw its losses shrink in the second quarter thanks to a payment from the company’s marketing partner. Eisai Co. payed the pharma company $20 million because the prescribing information for newly-approved obesity drug Belviq will include safety and effectiveness data from a late-stage trial of the drug.
The company’s loss came to $22.1 million, or 12 cents per share, as opposed to the $22.9 million, or 16 cents per share, that was in the red at the same time last year. Analysts had been expected a loss of 10 cents per share.
Revenue, on the other hand, increased from $3.3 million to $22 million — a change from the revenue decline Arena saw in the last three quarters.
The company also raised revenue estimates for the year, expecting $91 million to $97 million, up from $66 million to $72 million.
Belviq is the first obesity drug to gain FDA approval in around two decades. Shares of the company saw gains on the earnings news, but then fell back in after-hours trading yesterday.
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